Expats in the Eurozone remain resilient in the face of economic deterioration

25 January 2012 - Expats in the Eurozone remain resilient in the face of economic deterioration, while those in the Middle East head home, according to the latest Expat Explorer Survey of HSBC.

Expats in the majority of countries affected by the unrest in the Middle East or the Eurozone crisis unsurprisingly report seeing deterioration in the political, social and economic climate of the country they live in. Despite this, there is a divide between those who wish to relocate and those who want to stay in their country of residence.

Expats in Egypt (100%), Spain (97%), Bahrain (94%) and Italy (88%) all say that the economic situation is weak or has deteriorated. However of those who say this, those in Bahrain and Egypt are much more likely to be actively looking to or considering relocating (57% and 53% respectively). In contrast, expats in the Eurozone are less likely to be actively looking to or considering relocation (Italy 22% and Spain 21%) despite economic turmoil. This divide is seemingly underpinned by expats' original motivations for moving. Those based in Bahrain and Egypt are more likely to have become expats for career/money prospects (75% and 57% respectively) compared to those in Italy and Spain (22% and 17% respectively).

In addition, despite more than half of expats in Bahrain and Egypt looking to relocate back home, the two countries find themselves in the top half of the Expat Economics league table ranked 10th and 2nd respectively. This suggests that despite expats in many cases being downturn defiant, the financial advantages of living and working in the region are mitigated by the ongoing social and political unrest.

Source: HSBC